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(Bloomberg) — Shares of nursing home operator PACS Group, Inc. tumbled as much as 33% on Monday after Hindenburg Research released a short report alleging that the company has been — among other things — “systematically scamming taxpayers.”
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The drop was on track to be the worst day ever for the firm, which made its debut as a publicly traded stock in April of this year. Shares had closed at a record high of $42.94 on Friday, more than double the company’s initial public offering price of $21.
PACS Group did not immediately respond to a Bloomberg News request for comment.
Shares of the company, which was valued at about $6.7 billion at Friday’s market close, had rallied on the back of two quarterly earnings report that topped estimates as well as a boost to the firm’s revenue and profit guidance for the year.
The company is scheduled to report its third quarter results Thursday after the market close.
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